Litecoin Plummets 15% Below $100 Amid Bearish Sentiment and Volatility

Litecoin (LTC) has recently experienced significant price volatility, with its value dropping by 15% over the past week, falling below the crucial $100 support level. This decline has sparked concerns among traders and analysts about the cryptocurrency's future trajectory. Despite the drop, some analysts remain optimistic about Litecoin's potential for recovery.

Crypto analyst Ali Martinez has highlighted that the MVRV (Market Value to Realized Value) ratio for Litecoin suggests a bullish outlook. The MVRV ratio is a key metric used to determine whether an asset is overvalued or undervalued. A low MVRV ratio indicates that the asset is in an accumulation phase, while a high MVRV ratio signals potential profit-taking by investors. Martinez's analysis shows that Litecoin's MVRV ratio remains strong, even after recent pullbacks to the $100 support level. This suggests that long-term holders are confident and that selling pressure is relatively low.

If this trend continues, Litecoin could be poised for a significant move, potentially reaching $108 and even $117. However, the recent exclusion of Litecoin from the U.S. Crypto Strategic Reserve has increased bearish sentiment among traders, leading to an increase in short positions. This decision has added to the uncertainty surrounding Litecoin's price movements.

In addition to the exclusion from the U.S. Crypto Strategic Reserve, upcoming events such as the White House summit and the U.S. Non-Farm Payrolls (NFP) report are expected to influence investor sentiment in the coming days. These events could further impact Litecoin's price, especially as it trades below the important $100 level. There is a growing risk of further declines if buyers do not step in soon.

Litecoin's price has turned bearish after gaining momentum in February. The recent drop has pushed LTC near the lower Bollinger Band at $102.77, indicating oversold conditions and increased volatility. If buyers fail to regain support at $100, sellers could drive the price down further to the next major support at $85, a level that has historically seen strong demand. The Relative Strength Index (RSI) stands at 37.62, suggesting that Litecoin is nearing oversold territory.

Despite the recent price drop, Litecoin's network has shown signs of robust growth. The hash